Launches of new residential units are expected to rise 10-15% this Diwali over last year, with nearly 33,000-35,000 units to be launched across seven cities in the country. With the average size of a unit being 800 square feet, this would mean a good 26-28 million square feet of residential space getting launched in just the period around the time of the festival.

Last year, there were a total of 58,300 units launched in the entire festive quarter of October-December, and the launches during Diwali contributed nearly 51% of the total units launched, according to data sourced from Anarock Research. There were around 29,940 units launched last year during the Diwali period between October 15 and November 15, across the top seven cities, altogether. Diwali was on November 4 last year.

If the launch rate is anything to go by, there would be up to 70,000 units launched by developers across these cities by December, and with 800 sq feet as the average unit size, that would mean approximately 56 million sq feet of residential space being launched.

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Developers have maintained an optimistic stance towards sales during Diwali, and are hoping that the robust sales momentum seen in the first nine months of 2022 will accelerate with festivities continuing.

“We are delighted to see continued robust sales numbers. The year has started really well and we have achieved numbers as per our plans. We have great momentum going and spirits are high within the team, to achieve our next level of growth. We are excited to see new launches from various geographies, which will be contributing to sales in the quarters to come,” said Irfan Razack, chairman and managing director, Prestige Group.

Niranjan Hiranandani, managing director, Hiranandani Group, told FE that the company is gearing up to launch a good 1.5-2 million square feet of residential space, a month after Diwali, spread across its micro-markets of Powai, Thane and Panvel in the Mumbai Metropolitan Region. “We are very bullish on the residential real estate sector over the next 10-12 months,” he said.

Another Bengaluru-based developer, Puravankara, achieved its highest ever sales value of Rs 793 crore for the July-September quarter, and this was achieved along with a consistent increase in average price realisations, the company said in its recent business update for the second quarter. “The company is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same,” it said.

“Festive seasons are marked by profound happiness and excitement for the buyers who see it as an auspicious time to make high-value purchases such as homes, vehicles and ornaments made of precious metals. The success of the real estate sector is wholly contingent upon the prevailing sentiments of homebuyers. This makes the festive season a time of optimism and hope for the Indian real estate market,” said Sanjay Dutt, managing director and CEO, Tata Realty and Infrastructure Limited (TRIL).

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Another Mumbai-based developer, Sunteck Realty, is also looking at a string launch pipeline going ahead. The company acquired a land parcel of about 7.25 acres in Mira Road, a northern suburb in the Mumbai Metropolitan Region, under the joint development model. The project is estimated to have development potential of about 2.5 million sq feet built up area with a revenue potential of around Rs 3,000 crore. “Post pandemic, we have done multiple acquisitions to the tune of 25.5 million sq feet in Borivali West, Vasai West, Shahad-Kalyan, Vasind, Pen-Khopoli and now, Beverly Park and Mira Road,” it said in a recent business update.

“Several developers see the period around Diwali as an opportune time to launch new projects, as buyer demand is quite high and they also lap it up with several offers,” said Anuj Puri, chairman, Anarock Group.